Bitt Ceases Exchange Activity To Increase Focus on Central Bank Digital Currency

Bitt Inc., the Barbados-founded blockchain and digital currency payment specialists, will increase its focus on Central Bank Digital Currency in the wake of its landmark contract win with the Eastern Caribbean Central Bank (ECCB) to build out a pilot of a digital monetary ecosystem. As a result it will be winding down its non-core Bitt Exchange activity.

Key operations, such as the mMoney digital wallet in Barbados and work on the ECCB pilot, will not be affected by this decision.

Rawdon Adams Chief Executive Officer of Bitt

Rawdon Adams, Chief Executive Officer of Bitt, stated: “This is a strategic decision, taken by the board of directors, to allow us to focus on our key mission: creating a blockchain-based digital currency monetary system. That is what our recently-won contract with the Eastern Caribbean Central Bank is all about, and it is how we will positively change the financial infrastructure in our region.”

Patrick Hidalgo, Chief Financial Officer at Bitt, stated, “Our Bitt Exchange customers are important to us and we want to provide them with ample time to make arrangements for their assets. We will operate the exchange until close of business on August 29th, 2019 to ensure that all of our customers have had the opportunity to close their accounts and withdraw their funds.” Bitt encourages customers to contact their offices at 1-246-537-8324 or email support@bitt.com to guide them through this transition period.

In 2017, Bitt Inc. successfully launched and marketed mMoney, a digital wallet solution in Barbados and the region. Bitt is also the first financial technology company to participate in a Regulatory Sandbox governed by the Central Bank of Barbados and the Financial Services Commission.

Bitt Inc. will continue to develop and market its mMoney Wallet and Merchant solutions, as well as software for Central Banks and other Licensed Financial Institutions.

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